Final answer:
Ethical standards based on the integrated social contracts theory require companies to adhere to universal ethical principles and honor local community norms without conflict. This encompasses ensuring safety, privacy, and environmental protection in all business activities, with a broader corporate responsibility to societal expectations and sustainable practices, especially when dealing with emerging technologies.
Step-by-step explanation:
Integrated Social Contracts Theory and Ethical Standards
According to the integrated social contracts theory, the ethical standards that a company should uphold are based on a combination of universal ethical principles and the norms of the communities where they operate. Within this framework, companies are expected to comply with universal ethical norms that include basic rights, duties, and justice, while also respecting and adhering to more concrete and community-specific norms, as long as they do not violate those universal principles.
In the business context, these standards can be seen in codes of ethics and professional practice, such as the IEEE-CS's Software Engineering Code of Ethics. These codes typically require professionals to ensure that their work is safe, respects privacy, and does not harm the environment. Corporate responsibility extends beyond mere compliance with laws and regulations; it includes being responsive to societal expectations, sustainable practices, social welfare, and ethical considerations in decision-making.
Regarding emerging technologies, the establishment of ethical practices can be challenging due to the novel and often unpredictable consequences that come with innovation. However, it is imperative for corporations to engage in ongoing ethical reflection and dialogue with stakeholders to navigate these challenges responsibly.